Grocon to Develop Two CBD Offices in Castlereagh St Sydney and Collins Street Melbourne

Grocon’s tower (artist impression pictured, right behind St Paul’s Cathedral) is expected to soar about 88 metres, against a previous planning maximum height of 40 metres, for the streets between Elizabeth and Russell.

Macquarie Office Trust has been trying to offload the site for more than a year and was originally hoping for up to $42 million last year, the Australian Financial Review reports today. Macquarie, which leases space at 101 Collins Street in Melbourne as its offices, could relocate to the 171 Collins Street building, upon completion, it is reported.

In Sydney, Grocon is understood to be trying to involve itself in the $900 million office redevelopment of 163 Castlereagh Street. That site, owned by John Boyd Properties, could be worth $150 million if Grocon tried to buy it in its entirety. Banking giant ANZ has selected the Castlereagh Street building as the preferred site for its next Sydney CBD office.

The site is opposite the Town Hall station, the redeveoped Sydney Hilton, and will make way for a 44-level, 57,000 square metre office.

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Marc Pallisco

Marc Pallisco

A freelance property writer and analyst, Marc is a co-founder of realestatesource.com.au.

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